South Korea’s brand value stood at $997 billion, retaining its 16th position in the global ranking for 2014, according to a U.K.-based brand evaluation agency.

Brand Finance, which released its annual Brand Strength Index on Wednesday, said Korea’s brand value increased 29 percent from $775 billion a year earlier.

The United States topped the BSI with $19.26 trillion, followed by China ($6.35 trillion), Germany ($4.35 trillion), the U.K. ($2.83 trillion) and Japan ($2.45 trillion).

The agency said South Korea was picked as one of the “best performers,” which honors countries with a high growth rate of brand value. Qatar, Bangladesh, Sri Lanka, Ireland, the Philippines, Colombia and Vietnam were also included on the list.